By Siyabonga Mkhwanazi 
1h ago
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Cape Town – Businesses that were ravaged during the violence and looting have been urged to start lodging financial support measures after the Department of Trade, Industry and Competition opened the process for affected businesses to apply for the packages.
President Cyril Ramaphosa announced a few weeks ago, following the looting and violence in KwaZulu-Natal and Gauteng, that the government was setting up financial support mechanisms for businesses to rebuild.
Damages amounting to billions were recorded in the two provinces after the violence broke out last month.
The government deployed thousands of soldiers to help restore stability in the two provinces.
On Wednesday, the Department of Trade, Industry and Competition said businesses could start applying for the support packages.
“The Department of Trade, Industry and Competition (DTIC) would like to announce that the economic recovery support interventions announced by the Minister of Trade, Industry and Competition, Mr Ebrahim Pate, l a fortnight ago is open for affected businesses to apply.
“The R3.75 billion package is for the restoration of businesses adversely affected during the violent looting and unrests that took place in KwaZulu-Natal and Gauteng last month,” the department said.
“The dtic and its Development Finance Institutions, the Industrial Development Corporation and the National Empowerment Fund have collectively put together a funding package in support of various business-recovery interventions.
“The aim is to provide industrial loan support at zero percent interest rate to affected companies towards rebuilding of infrastructure, including equipment, fittings for the premises, stock and working capital.”
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Political Bureau